Political instability in Europe is gaining new momentum. This weekend, Austria held the parliamentary election. The result was predictable, but the consequences turned out to be intriguing. Now the conservatives in the new parliament are forced to form a coalition with the far rights who are gaining popularity. Market participants still closely watch the issue of Catalonia’s struggle for independence. Today, Spain’s ultimatum runs out. Spain was waiting for Catalan leader to clarify the status of the region. However, there was no clear answer regarding independence in the letter sent to Madrid.
These events increase pressure on the euro, which failed to develop an upward rally started last week. Today, the EUR/USD pair fell below the psychological level of 1.18. In addition, investors are waiting for the ECB meeting scheduled next week. Analysts believe that the bank is unlikely to change the monetary policy on the meeting. Euro buyers are fixing profits and are unlikely to return to the market in the short-term.
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